Bank of America may soften $5 debit card fee

NEW YORK (CNNMoney) -- Bank of America is considering softening its controversial policy of charging some customers for making purchases with their debit cards, according to a person familiar with the bank's plans.

Under the new plan, customers would be able to exempt themselves by having their paychecks deposited directly with Bank of America (BAC, Fortune 500), maintaining minimum balances or by using Bank of America credit cards.

Wells Fargo (WFC, Fortune 500) also announced late Friday that it is canceling the debit card fee tests it was planning to introduce in five states. Customers in Georgia, Nevada, New Mexico, Washington and Oregon will no longer see a $3 debit card fee that was scheduled for statements beginning on Nov. 15.

Bank of America is not alone in announcing a charge for debit card purchases. Sun Trust (STI, Fortune 500) and Regions Banks (RF, Fortune 500) have all imposed similar monthly charges.

The banks' decision to impose debit card fees is widely viewed as a response to the Durbin Amendment to the 2010 Dodd-Frank financial reform bill. Enacted in July, the provision reduces the fees banks can charge merchants for debit card purchases to 21 cents from 44 cents.